Receipt vs bill

l4ckyl4cky Member Posts: 1

Hi. What is the difference between receipts and bills?

For example, I purchase a counter to use for my business

I bought a kleenex from supplier to resell it.

Where do I upload the counter receipt? and where do I upload the kleenex receipt?

And how can I print report for expense and amortisation for my accounting without printing the kleenex?

If I used 2 boxes out of 10 boxes of kleenex as office use, do i scan both thime the receipts to upload in expense and the other one for purchase?

thanks

Comments

  • Laura_KavanaghLaura_Kavanagh Administrator Posts: 13 admin

    @l4cky A receipt is for items that you purchased in the moment, such as a business lunch or supplies for your office. A bill is an item that is an upcoming expense that will possibly happen in the future, such as paying an electricity bill.
    These can all be tracked within your Wave account. For the counter, you can upload the receipt to your transactions under 'Receipts'.

    For the Kleenex, if you were to re-sell this, you can add this as a "Product and Service" and mark whether you will be buying or selling this product. If you were to want to sell the item for a new price, you can duplicate this item. You can then categorize your product to a line item on your Chart of Accounts.

    You can run a report through the Account Transactions report. Amortisation reports would include other information separate from the transactions, and so for that reason you won't be able to print both.

    Hope this helps!

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